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GA HB1197
Bill
Status
Engrossed
2/29/2024
Primary Sponsor
Penny Houston
Click for details
AI Summary
- Expands Georgia's revitalization zone tax credits to include "certified historic residential structure owners or investors" who own, acquire, or develop historic residential structures (at least 50 years old, in a historic district, providing more than one residential unit for lease) within designated revitalization zones, with qualified rehabilitation expenditures eligible on or after January 1, 2025
- Rehabilitation tax credit for historic residential structures is set at 30% of qualified rehabilitation expenditures, capped at $150,000 per project, prorated equally over three taxable years beginning when the property is placed in service
- Authorizes the commissioners of community affairs and economic development to extend a revitalization zone designation for two additional years beyond the initial five-year period if the zone has demonstrated success, and allows areas to be redesignated as revitalization zones after at least two years have passed since expiration of the prior designation or extension
- Prohibits any new revitalization zone designations or extensions after 2027, and extends the automatic repeal date of the entire code section from December 31, 2027, to December 31, 2032
- Authorizes the revenue commissioner to share aggregate data on qualified rehabilitation expenditures and job tax credits claimed with the commissioner of community affairs for reporting on economic activity within each revitalization zone; effective January 1, 2025, for taxable years beginning on or after that date
Legislative Description
Income tax; expand revitalization zone tax credits to include rehabilitation of historic residential structures
Last Action
Senate Read and Referred
3/4/2024
Committee Referrals
Finance3/4/2024
Ways and Means2/9/2024
Full Bill Text
No bill text available